Business Plan



Business Plan

Version 4.0, February 22, 2021

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|Description of the project in one sentence | |

|Main objective | |

|Total value of the project (EUR) | |

|Amount of funds requested from the Innovation | |

|Fund (EUR) | |

|Industry/Sector | |

Dear Applicant,

We are very pleased that you have decided to engage in the process of applying for grant financing under the Collaborative Grant Scheme Program.

This Business Plan is an integral part of your Application, and within it you are required to provide all the relevant information in regards to your project proposal, its market potential, technical merits and implementation plan.

Before writing your application, we invite you to review these free materials that might help you better design your service or product and business model to sustain your business:

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Applicants are required to fill out all the boxes of the Business Plan template. The questions and statements provided for each section should serve as guidelines.

Please make sure that your input doesn’t exceed the allowed maximum number of words per box.

Attention: populating the table with the cost calculation breakdown for each consortium member in the Project Budget template is mandatory. In line with the section 1.2 of the CGS Program Grant Manual, a minimum of 30% of the grant financing (i.e. co-financing that the IF would contribute to the project) must be allocated in the Project Budget as compensation for the project activities conducted by the public Scientific Research Organization(s) within the consortium.

EVALUATION CRITERIA

The applications will be examined holistically. However, the Investment Committee will be focused on a predefined set of evaluation criteria:

• Management and key personnel credentials and ability of the consortium to deliver;

• Quality and collaborative potential of the consortium members;

• Innovative technology, product or service; clear IP position and potential;

• Clear market need, competitive (preferably global or EU) position and commercialization potential;

• Level of co-financing, use of funds and adequacy of the project budget (preference will be given to applications with higher co-financing participation);

• Well-developed organizational design and project management system (including clear R2A2s for all consortia members and well-designed stage gate review process and risk management strategy).

1. THE PROJECT EXECUTIVE SUMMARY

The Project Executive Summary should explain the key elements of your development project and introduce the reader to your product or service and present the value it will create for its clients. It should also give a clear understanding of the value that the end users will get for acquiring and using your product/service or technology. This section should be used to provide the reader with the information regarding the following:

• What is your story? (why did you set up a consortium)

• Brief explanation of the problem you are targeting to solve.

• Who are you solving this problem for?

• How will you earn by solving this problem?

• What is the big ambition behind your partnership?

Note: The Project Executive Summaries of IF Awardees may be used in IF promotional activities and in communication with media (e.g. abstracts of awarded projects may be announced on the IF website). Therefore, please consider that this section should include non-confidential information. However, all other information from this document will be kept strictly confidential as stated in the IF’s Confidentiality Policy and Prevention of conflict of interest policy.

We kindly ask you to take extra time to make sure you are fully clear in your summary, so feel free to reread and improve your input until you are completely satisfied. This is your “Elevator pitch”, and not only a part of your Business Plan.

Max 500 words.

|Write here |

1. *FOR RETURNING PROJECTS ONLY (MANDATORY)

WHAT SPECIFIC IMPROVEMENTS DID YOU MAKE TO THE PROJECT PROPOSAL SINCE THE PREVIOUS TIME YOU HAVE APPLIED?

Note: Failure to populate this field for all projects which have already been submitted in the past will result in disqualification in the eligibility check phase of the evaluation process.

Max 300 words.

|Write here |

2. OVERVIEW OF THE CHALLENGE AND THE INNOVATIVE SOLUTION ADDRESSING IT

1.

2.

1. DESCRIBE THE CHALLENGE YOU ARE ADDRESSING

Describe the challenge you are aiming to solve. Who is facing this challenge? How did you learn about it?

Max 300 words.

|Write here |

2. WHAT IS YOUR INNOVATIVE SOLUTION FOR ADDRESSING THE CHALLENGE?

Provide an understanding how your solution will fit the client’s needs. The focus should be on the added value for your clients, rather than pure technical description, which can be described in Section 5. “Innovativeness of Technology” in greater detail.

Max 300 words.

|Write here |

3. DO YOU HAVE A PROTOYPE?

YES NO

3. MARKET ASSESSMENT

Present as much data as possible and make sure that you provide context for it. In the assessment of the market, please provide the context for your solution and fit it to the market you are exploring. The objective of the provided data should be to show the scale of the problem/addressable market and to show how the impact of your solution would be greater in terms of money, time and risk than the cost you would charge for it.

Be specific about the market you are targeting and provide the assessment on how these markets will react to your product, price, selling proposition, terms, etc.

3.

1. WHICH MARKETS ARE YOU ADDRESSING?

Describe the market by using as much data as possible. What is your primary market? What are the market entry barriers? Describe the potential for market growth. What are other potential implications of the technology/product/service you are developing?

Max 300 words.

|Write here |

2. WHO ARE YOUR POTENTIAL CLIENTS AND WHAT IS YOUR VALUE PROPOSITION FOR THEM?

Who are your customers? What is the premium offer of your solution to potential customers and how much value does it bring to them? What is your best estimation of the costs of customer acquisition? Who are your ideal customers and what are their characteristics in terms of size, growth rate, business culture, etc.?

Max 300 words.

|Write here |

3. WHO ARE YOUR MAIN COMPETITORS?

Who are the main players on the market? What is the market saturation? Do you foresee new competitors entering the market before your product is introduced and how much time will competitors need to follow you to the market if you’re the first mover? How will your consortium handle the competition? What would be your advantage over the solutions that are currently used?

Max 300 words.

|Write here |

4. REVENUE POTENTIAL

4.

Revenues are an essential part of success required to keep your business running and help you develop new or improve current projects. Be clear, specific and honest to yourself.

1. WHAT IS YOUR MARKETING AND SALES APPROACH?

Describe how you would approach the market. What channels to the market would you use? Which tools will you use for marketing and how will you use them? How will your technology, product or service be recognized within the target markets?

Max 300 words.

|Write here |

2. DESCRIBE YOUR REVENUE MODEL

How will the project help generate revenue and profit in the future? What is your best estimate of the lifetime value of a customer acquired? Describe the pricing strategy for your new technology, product or service. How does this compare with what was revealed in your market and competitors’ analysis?

Max 300 words.

|Write here |

3. ESTIMATED TIME TO MARKET AND REVENUE FORECAST

Please describe the expected timeline to develop and commercialize the proposed innovation. How long until the project can result in revenue? When will you break even? How many customers would you need to retain profitability in the long run? Provide a revenue forecast beginning with the expected date of your project’s start and continuing through the next 5 years, including your expected profit margins for each year.

Max 400 words.

|Write here |

|Project Financial Forecast |

| |2021 |2022 |2023 |2024 |2025 |

|Total Revenue (EUR) | | |

|Write here |Write here |Write here |

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5. INNOVATIVENESS OF TECHNOLOGY

5.

1. DESCRIBE YOUR INNOVATIVE TECHNOLOGY

Describe the concept of the technology, product or service that will be developed. Make sure to point out the most important advantages of your product in terms of creating added value for your client.

Up to 2 pages

|Write here |

2. CURRENT IP POSITION, FREEDOM TO OPERATE AND IP STRATEGY

Describe your case and process of protecting the innovation and also list possible other uses for your innovation. If applicable, please state if you plan on using any IP rights currently belonging to other parties in order to develop your new technology/product/service., and if so, explain what is the IP arrangement in this case.

Max 300 words.

|Write here |

3. OWNERSHIP OF NEWLY CREATED IP

Describe how the newly created IP will be shared among the Consortium members.

Max 300 words.

|Write here |

6. ORGANIZATIONAL DESIGN AND PROJECT DEVELOPMENT PLAN

6.

1. PROJECT MILESTONES

Write in table only.

Project tasks and milestones list

Note: It is not mandatory to have a milestone in each quarter. It is up to the Applicant to define in which quarter they plan to achieve which milestones, based on their development process and the necessary project activities. For those quarters where you do not envisage having concrete milestones, please insert “No milestones envisaged in this quarter”, but insert tasks which you will perform in this period that will enable you to achieve other milestones in the future (e.g. If you plan on achieving your first milestone in Quarter 2 and need to complete certain tasks in both Quarter 1 and Quarter 2 to do this, please insert these planned tasks for both Quarter 1 and Quarter 2, and list the planned milestone only in Quarter 2, when you plan to reach it).

|PROJECT QUARTER |PLANNED MILESTONE(S) IN THIS QUARTER |DESCRIPTION OF TASKS RELATED TO MILESTONES |CONSORTIUM MEMBER IN CHARGE OF TASK |

|Q1 |Ex: |Ex: | |

| |Proof of concept |Proof of concept | |

| |Design of minimum viable product |Preparation of laboratory conditions for testing concept | |

| | |Laboratory testing to determine the optimum quantity of materials | |

| | |needed for the solution | |

| | |Verification of lab results | |

| | |Running computer simulations and creating models to determine | |

| | |design advantages | |

|Q2 |Write here… |Write here… | |

|Q3 | | | |

|Q4 | | | |

|Q5 | | | |

|Q6 | | | |

|Q7 | | | |

|Q8 | | | |

2. PROJECT CO-FINANCING

Describe the level and type of co-financing that will be dedicated for the project. Higher co-financing from the Applicant generally shows a greater commitment to the project and thus reduces the project’s risk level.

Max 200 words.

|Write here |

3. SWOT ANALYSIS

Write in table only. The list of questions provided in the table is here only to help you make a concept.

|Strengths |Weaknesses |

|Level of the Innovation? |Gaps in capabilities? |

|Capabilities? |Lack of competitive strength? |

|Competitive advantages? |Reputation, presence and reach? |

|USPs (unique selling points)? |Financials? |

|Resources, Assets, People? |Own known vulnerabilities? |

|Experience, knowledge, data? |Timescales, deadlines and pressures? |

|Financial reserves, likely returns? |Cash flow, start-up cash-drain? |

|Marketing - reach, distribution, awareness? |Continuity, supply chain robustness? |

|Location and geographical? |Effects on core activities, distraction? |

|Price, value, quality? |Reliability of data, plan predictability? |

|Accreditations, qualifications, certifications? |Morale, commitment, leadership? |

|Processes, systems, IT, communications? |Accreditations, etc? |

|Cultural, attitudinal, behavioral? |Processes and systems, etc? |

|Management? |Management? |

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|Opportunities |Threats |

|Market developments? |Financing aspect? |

|Competitors' vulnerabilities? |Political effects? |

|Industry or lifestyle trends? |Legislative effects? |

|Technology development and innovation? |Environmental effects? |

|Global influences? |IT developments? |

|New markets, vertical, horizontal? |Competitor intentions - various? |

|Niche target markets? |Market demand? |

|Geographical, export, import? |New technologies, services, ideas? |

|New USPs? |Vital contracts and partners? |

|Business and product development? |Sustaining internal capabilities? |

|Information and research? |Obstacles faced? |

|Partnerships, agencies, distribution? |Insurmountable weaknesses? |

|Volumes, production, economies? |Loss of key staff? |

|Seasonal, weather, fashion influences? |Sustainable financial backing? |

| |Economy - home, abroad? |

| |Seasonality, weather effects? |

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4. RISK MANAGEMENT WITH MITIGATION MEASURES

Write in table only. Be careful to develop an analysis of risks and mitigation measures that are also seen in other chapters of the application. You can list multiple risks under one segment (technology, market, etc.).

|Risk |Description |Risk management actions to be undertaken by company (responses |Summary rating of risk (place |

|assessment |of the risk |by the company) |cross in appropriate box) |

| | | |HIGH |MEDIUM |LOW |

| |Actions to be | | | | |

| |undertaken | | | | |

|Timing, milestones and |Description of the | | | | |

|results (as set in |risk | | | | |

|application) | | | | | |

| |Actions to be | | | | |

| |undertaken | | | | |

|Employees and partners |Description of the | | | | |

| |risk | | | | |

| |Actions to be | | | | |

| |undertaken | | | | |

|Procurement |Description of the | | | | |

| |risk | | | | |

| |Actions to be | | | | |

| |undertaken | | | | |

|Budgetary issues |Description of the | | | | |

| |risk | | | | |

| |Actions to be | | | | |

| |undertaken | | | | |

|Market risks |Description of the | | | | |

| |risk | | | | |

| |Actions to be | | | | |

| |undertaken | | | | |

|Environmental and social|Description of the | | | | |

|risks |risk | | | | |

| |Actions to be | | | | |

| |undertaken | | | | |

7. PROJECT MANAGEMENT TEAM

7.

1. CONSORTIUM MEMBERS AND THEIR EXPERIENCE

Describe the composition of the consortium, and a few words about each member. Describe the consortium strengths and core competencies. Describe the Lead Applicant’s and Lead RDI’s qualities and capabilities for successfully implementing the proposed project.

Max 300 words.

|Write here |

2. CONSORTIUM ORGANIZATIONAL DESIGN AND PROJECT MANAGEMENT SYSTEM

Describe how the consortium’s organizational structure looks and works, what the key processes and relations are and how the consortium members plan to attain stability and functionality during project implementation. Describe the project management system that is to be used in the project’s development, including roles, responsibilities, authorities and accountabilities (R2A2s) of all consortium members.

Max 300 words.

|Write here |

3. KEY PROJECT STAFF CREDENTIALS

Provide a summary of the management teams’ key person credentials with focus on previous project implementation track record and possibility to contact clients or other partners.

Max 300 words.

|Write here |

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